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Plains All American Pipeline, L.p. Enters Into Agreement To Acquire 50% Interest In Bridgetex Pipeline Company From Occidental Petroleum Corporation - Yahoo Finance

(MMP); MMP is also the operator of the BridgeTex http://murphyccpc.busythumbs.com pipeline. Contemporaneous with the purchase by PAA, BridgeTex has agreed to sell the southern leg of the pipeline system which runs from Houston to Texas City (the Texas City Leg) to MMP, and MMP has agreed to enter into a long term capacity lease with BridgeTex pursuant to which BridgeTex shippers will have access to capacity on the Texas City Leg. In addition to customary closing conditions and the contemporaneous consummation of the sale of the Texas City Leg by BridgeTex to MMP and execution of the capacity lease, PAAs acquisition of Occidentals interest in BridgeTex is subject to completion by Plains GP Holdings, L.P. ( PAGP ) of an underwritten secondary offering pursuant to which Occidental would sell a portion of its equity interest in PAGP. In order to facilitate such offering and the overall transaction, (i) the board of directors of PAGPs general partner has agreed to an early release of the 15-month lock-up arrangement that was originally imposed on certain PAGP equity owners, including Occidental, in connection with PAGPs initial public offering in October 2013, and (ii) certain affiliates of Kayne my company Anderson Investment Management, Inc., The Energy & Minerals Group and PAA http://lusaraneeet.skyrock.com Management, L.P. have agreed to waive their participation rights in such offering, and (iii) Occidental, certain affiliates of Kayne Anderson Investment Management, Inc., The Energy & Minerals Group and PAA Management, L.P. have agreed to refrain from selling any of their respective interests in PAGP for a period of up to 90 days following such offering. Source: http://finance.yahoo.com/news/plains-american-pipeline-l-p-112800293.html